How to Get Over Mobile Banking Fears

July 25th, 2011 - By TheEditor

(Wall Street Journal) — Don’t fear mobile banking.  More consumers are buying smartphones, but they’re not embracing mobile banking at the same pace – mostly because they have a misplaced fear of it, according to several studies by research firm Javelin Strategy & Research. In 2009, 26% of smartphone owners were uncomfortable using their phones for banking. A year later, that number jumped to 40%, according to the firm.  ”It’s very clear to us the consumer is saying, ‘I’m nervous about mobile banking,’” says Phil Blank, managing director of risk, fraud and security for Javelin. If financial institutions don’t address that immediately, he says, “This stagnation is just going to continue.”

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